Steve Cohen Not Crypto Enough For Local Luddite - Dealbreaker

Steve Cohen Not Crypto Enough For Local Luddite

Travis Kling might not understand bitcoins, but he’s sure they’ll be worth more than everything else in the world combined some day.
By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Steve Cohen is trying, you guys. Trying to figure out these cryptocurrencies that were all the rage nine months ago. Trying to glean how to make money on them. Even trying to give other people a shot thereat. But the Big Guy is old school and it works for him. That means anyone who wants to join the revolution, or at least make (or lose!) a ton of money on it, is going to have to do so somewhere other than 72 Cummings Point Road.

And that place is where dreamers and charlatans have flocked for a hundred years: Lipstick City, baby! That’s where ex-Point72er Travis Kling is heading to make his bitcoin billions. And his timing couldn’t be better, having quit at the top of the market back in December and planning to launch his Ikigai next week, pretty damned near to the bottom, at least according to Mike Novogratz. Not that he’s worrying about it, possibly because he doesn’t fully understand the nuts and bolts of the stuff.

There’s no denying that it would probably be easier to raise funds if cryptocurrencies were on a tear like last year, Kling said, but there’s interest in the space even amid the selloff and he’s “more confident than ever.”

“This will be a multi-trillion-dollar asset class,” said Kling, who is a self-described non-techie and managed a $200 million long/short commodity stocks portfolio at Point72 . “It will be part of our everyday lives. It’s still very early, but the development and growth of this technology will be exponential.”

Former Point72 Manager Set to Open Crypto Hedge Fund Next Month [Bloomberg]